One of the essential parts of running a business is keeping all your employees, records, and payments in order. Keeping track of this information can be challenging to do without the right tools at your disposal. One of those tools is employee time tracking software.
If you’re not aware, online timesheet software has many more features and benefits than just keeping track of hours if you’re not aware. Here are some examples of the functions of a modern job clock:
- Manage employee scheduling
- Track attendance in real-time
- Calculate wages and overtime
- Generate reports and keep records
- Send messages and alerts to the entire workforce
Key Benefits Regarding Employee Time Tracking Software Investment
Benefit #1: Manage the Entire Workforce Easily
Since a workforce is typically more than just a few people, it becomes necessary to have a way to disseminate information and keep track of everyone without a ton of micromanagement. Employee time tracking software is made to handle large numbers of employees, including real-time tracking of hours, their hourly wages, and managing their schedules.
This not only benefits the business by having a single system that everything runs through, but it frees up managers for more essential tasks. It also gives employees the security and autonomy they need to do their jobs without a lot of oversight while still providing a platform for communicating with the workforce or individual employees when necessary.
Additionally, employees benefit from having access to their hours and schedules sooner to plan out their life responsibilities to be able to make sure and show up for their shifts. This helps with overall employee attendance also.
Benefit #2: Manage Payroll Efficiently
It is of the utmost importance to make sure that employees get paid accurately and on time. Employee time tracking software makes collecting wage and hour information much easier by automating the process. This includes calculating wages for overtime. The employee timesheet software can then be used to send the data to payroll through integrations, making getting employees paid a lot faster and more efficient.
This benefits your business in several ways. Firstly, improved payroll saves money on processing and staffing. Secondly, accurate payroll saves money on fixing errors and improves employee satisfaction because their wages are guaranteed as long as they work their hours.
Lastly, labor law compliance is a must for every business. Payroll mistakes are one of the easiest ways to find your business non-compliant, even if these mistakes are accidental. Online employee time tracking software eliminates the potential for errors, and everything that is processed is stored for future reference. It also makes it easier to identify potential issues and make corrections with a log of the issues and the corrections made.
Benefit #3: Keep Better Records
No matter what your business does, it’s vital to have records of your employees, their hours, and their wages. Having this information documented is important for keeping track of your bottom line and what you’re spending on labor costs; it also helps to predict future expenses, especially for those businesses concerned with accurate job costing and bidding.
Another critical reason to keep better records is to prevent issues and maintain labor law compliance. It’s a good idea to have at least 3-5 years’ worth of records at all times. A timesheet management system stores record automatically either on company systems or in the cloud and has features that make it easy to access records and generate reports from them so that the information is always on hand, without the need for physical storage.
It’s clear to see how investing in modern employee time tracking software can help improve business operations as well as the morale and productivity of your employees.
